# Intangible Investment — Robustness

| Variable | R1: NA-only | R2: Non-NA | R4: Post-GFC | R5: Excl FC |
|:---|---:|---:|---:|---:|
| Z_1 | -35.0989 | -14.6608 | -85.9951** | -35.5995** |
| | (30.0272) | (10.4056) | (34.7105) | (13.8931) |
| Z_2 | 4.2862 | 1.1634 | 9.9185** | 2.9180* |
| | (3.8832) | (1.3023) | (4.4880) | (1.7329) |
| Z_3 | -0.1508 | -0.0282 | -0.3412** | -0.0719 |
| | (0.1415) | (0.0478) | (0.1636) | (0.0633) |
| fiscal_bal_gdp | 0.2255*** | -0.0071 | 0.2240*** | -0.0025 |
| | (0.0639) | (0.0123) | (0.0698) | (0.0161) |
| nfa_gdp_lag | -3.4259*** | 0.0328 | -2.6573*** | -0.0554 |
| | (0.6143) | (0.2446) | (0.7213) | (0.4058) |
| rgdp_growth | -0.0857* | -0.0163** | -0.1201** | 0.0034 |
| | (0.0492) | (0.0069) | (0.0497) | (0.0126) |
| log_rel_opw | 8.7191*** | -2.2280*** | 7.1855*** | -1.5557* |
| | (1.1518) | (0.5789) | (1.3561) | (0.8777) |
| kaopen | 0.0614 | 0.0960 | -0.0639 | 0.1626 |
| | (0.5272) | (0.1560) | (0.6069) | (0.1906) |
|:---|---:|---:|---:|---:|
| N | 250 | 247 | 247 | 227 |
| R² | 0.6245 | 0.1589 | 0.6439 | 0.3838 |
| Countries | 25 | 25 | 25 | 23 |

*Panel GLS with AR(1) correction. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*